Switzerland Wants Its Gold Back From The NY Fed


ZeroHedge:

Earlier today, we reported that Germans are increasingly concerned that their gold, at over 3,400 tons a majority of which is likely stored in the vault 80 feet below street level of 33 Liberty (recently purchased by the Fed with freshly printed money at far higher than prevailing commercial real estate rates for the Downtown NY area), may be in jeopardy,and will likely soon formally inquire just how much of said gold is really held by the Fed.

As it turns out, Germany is not alone: as part of the "Rettet Unser Schweizer Gold", or the “Gold Initiative”: A Swiss Initiative to Secure the Swiss National Bank’s Gold Reserves initiative, launched recently by four members of the Swiss parliament, the Swiss people should have a right to vote on 3 simple things: i) keeping the Swiss gold physically in Switzerland; ii) forbidding the SNB from selling any more of its gold reserves, and iii) the SNB has to hold at least 20% of its assets in gold.

http://www.zerohedge.com/news/switzerland-wants-i…

Can someone explain to me why countries leave their gold in the U.S.?

 
Abdel:
My question is, why would a country leave his Gold in another country in the first place?

Can someone shed some lights on this?

Other countries store gold with us because of our security. Also, the gold is used to pay off international debts i.e. Country A owes Country B 100 tons of gold, so they take the 100 tons of gold from A's gold-rack to B's. Then, the Fed collects a premium for handling the 100 tons of gold, but not for providing protection; keeping gold with the Fed is free of charge. I believe I am right...someone ring in on this.

- Bulls make money. Bears make money. Pigs get slaughtered. - The harder you work, the luckier you become. - I believe in the "Golden Rule": the man with the gold rules.
 

The only reasons I can think of are the lack of infrastructure (lame excuse) or possible reductions in cost when physically trading (another lame one).

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
melvvvar:
what are they gonna do with them bars? is there a tungsten shortage in europe?

+1

"'In summary, people are morons and who cares. Make a shit ton of money. I've never seen a Ferrari paid for by what people think.' - ANT" -rufiolove
 

Ske7ch is right - the vault in New York is considered the safest. Central banks hold gold there also in order to facilitate physical transactions (it's literally moving gold from one part of the vault to another). If you register with NY Fed in advance, you can get tickets to go inside the vault (it's quite cool). Now, the fact that Germany (with largest gold reserves as far as I know) and Switzerland want to hold gold at home... That's very interesting - they were Ok with holding it there for decades even after abolishing the gold standard. I guess they are not so sure it will be as safe in the future. I wonder if it has something to do with the Fed's management of physical gold or with increasing debt pile of the US...

 

The Gold Quake Memorandum Is Coming!

You’ll read about the secret history of gold, the central banking cartel and why neither the Fort Knox Depository nor the New York Federal Reserve Bank storage facility in NYC likely have more than a tiny fraction of the gold holdings they claim for the US and other nations like Germany and Switzerland and other central banks of the world.

It is alleged that the NY Fed has 7,000 tons of gold as of October 2011 and nearly 98% of the gold at the Federal Reserve Bank of New York is owned by the central banks of foreign nations. The rest is owned by the United States and international organizations such as the IMF.

We believe the pittance of gold bullion stored at these two locations will never have an honest outside audit simply because the gold is not there any longer. A bigger problem is the citizens of Germany and Switzerland are the first of many nations now wanting their gold returned to their home nations but this will never happen and they have no recourse. They can’t push or threaten either the US, nor the Federal Reserve to return the gold or even demand a reputable outside audit because this would cause a global run on all fiat currencies.

When this becomes common knowledge then the gold price spike as well as the global currency and political collapse foretold in the Gold Quake Memorandum will be upon us. You can reserve a free online PDF copy to be released no later than December 23, 2013 (the 100th anniversary of the establishment of the Federal Reserve) by e-mailing [email protected]

Note, the book could be released far sooner depending on financial, economic and political circumstances.

 
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